On June 24, Concurrent received a staff determination letter from NASDAQ that notified the company that its shares were subject to delisting unless Concurrent requested a hearing.
Concurrent said yesterday that it has requested a hearing with a NASDAQ listing qualifications panel. The hearing will be scheduled within 60 to 90 days and automatically stays the delisting process.
If at anytime prior to the hearing, the bid price for Concurrent’s common stock closes at $1 per share or more for a minimum of 10 consecutive business days, the hearing will be cancelled and the delisting process terminated.
Concurrent first received a notification letter from NASDAQ on Dec. 26 stating that the bid price of Concurrent’s publicly held shares had closed below the $1 per share minimum that is required to be included on the NASDAQ Global Market (story here). In accordance with NASDAQ rules, Concurrent had 180 calendar days to regain compliance with the minimum bid price rule.
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